Report on the Negotiable Instrument Law to the Minnesota Bankers Association |
Common terms and phrases
25 Minn acceptor accommodation party accord and satisfaction American Bar Association bankers throughout becomes a joint Bills of Exchange blank before delivery changes cial paper commercial paper Commissioners on Uniform common law Dean Ames deemed District of Columbia dorsed dorsee due course holder in due immediate transferee instrument is discharged instrument is payable J. A. LATTA J. B. GALARNEAULT James Paige legislation throughout legislature liable as indorser maker and liable maker or drawer ment Minnesota Bankers Association mittee Negotiable Instrument Law obligor otherwise a party payable on demand payable to bearer payee person places thereon present law prior party promissory note proposed law provides recommend refer to pamphlet relating to commer secondarily liable Section 40 section 64 Section 9 signature in blank simple contract claim strument subsequent parties thereof before delivery thereon his signature tiable tion Ueland Uniform Laws Uniform State Laws uniformity of legislation W. D. WILLARD York
Popular passages
Page 12 - Where a negotiable instrument is materially altered without the assent of all parties liable thereon, it is avoided, except as against a party who has himself made, authorized or assented to the alteration, and subsequent indorsers. But...
Page 11 - When the day of maturity falls upon Sunday, or a holiday, the instrument is payable on the next succeeding business day. Instruments falling due on Saturday are to be presented for payment on the next succeeding business day, except that instruments payable on demand may, at the option of the holder, be presented for payment before twelve o'clock noon on Saturday when that entire day is not a holiday.
Page 8 - Where the instrument contains or a person adds to his signature words indicating that he signs for or on behalf of a principal, or in a representative capacity, he is not liable on the instrument if he was duly authorized; but the mere addition of words describing him as an agent, or as filling a representative character, without disclosing his principal, does not exempt him from personal liability.
Page 10 - Where the instrument is not payable on demand, presentment must be made on the day it falls due. Where it is payable on demand, presentment must be made within a reasonable time, after its issue, except that in the case of a bill of exchange, presentment for payment will be sufficient if made within a reasonable time after the last negotiation thereof.
Page 7 - An unqualified order or promise to pay is unconditional within the meaning of this act, though coupled with — 1. An indication of a particular fund out of which reimbursement is to be made, or a particular account to be debited with the amount; or 2. A statement of the transaction which gives rise to the instrument.
Page 10 - A person placing his signature upon an instrument otherwise than as maker, drawer or acceptor is deemed to be an indorser, unless he clearly indicated by appropriate words his intention to be bound in some other capacity.
Page 11 - ... 1. If the instrument is payable to the order of a third person, he is liable to the payee and to all subsequent parties. 2. If the instrument is payable to the order of the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer.
Page 7 - The sum payable is a sum certain within the meaning of this act, although it is to be paid: 1. With interest; or 2. By stated installments; or 3. By stated installments, with a provision that upon default in payment of any installment or of interest, the whole shall become due; or 4.
Page 7 - When it is payable to a person named therein or bearer; or (3) When it is payable to the order of a fictitious or nonexisting or living person not intended to have any interest in it and such fact was known to the person making it so payable...
Page 9 - An accommodation party is one who has signed the instrument as maker, drawer, acceptor, or indorser, without receiving value therefor, and for the purpose of lending his name to some other person. Such a person is liable on the instrument to a holder for value, notwithstanding such holder at the time of taking the instrument knew him to be only an accommodation party.